Spanish property market has held steady at 13% from 15% in the last couple of years.

Since 2007 however, property budgets have reflected the reduction in disposable income for British buyers. Today 72% of buyers purchase a home costing between €150,000 and €250,000 whereas in 2007 this figure was nearly half that and 45% spent between €250,000 and €350,000.

Spanish property market has held steady at 13% from 15% in the last couple of years.

Today only 20% are looking to spend this amount and only 5% are prepared to spend more than €350,000. Typically, 60% of buyers look to purchase two bedroom properties, with around 40% desiring three bedrooms.

The statistics also show that most British people love the Balearic Islands including the hotspot Mallorca with 45% opted for this popular holiday destination and their golf courses, stunning weather, classy beaches and high class shops. The pull for visitors is very strong with around 23 million passengers passing through the Palma de Mallorca Airport annually and an additional 1.5 million arriving by sea.

The Costa del Sol comes very close with 41%. Taylor Wimpey de España has a stronghold in the popular Marbella region of the Costa del Sol, they are one of the only developers launching new product after selling out of their other developments. It would seem the prime locations are still as popular as ever and good property in excellent locations still sell regardless of the economic climate.

Spanish property market has held steady at 13% from 15% in the last couple of years. 2

While golf draws a lot of buyers and it is estimated that at least 80,000 golfers from around the globe visit Mallorca to play annually, over the last couple of years other hobbies have also started to prick the interest of buyers including hill walking, water sports and tennis being increasingly regarded as important holiday home activities. The consistent demand for outdoor activities has helped to ensure that resorts offer excellent facilities for visitors and owners alike.

‘The figures extracted from our client database of buyers between 2007 and 2010 show clearly that more and more families are looking to Spanish hotspots like Mallorca or the Costa del Sol for holiday and second homes, with two bedroom properties for under €250,000 appearing to be the most popular choice,’ explained Victor Sague from Taylor Wimpey de España.

‘The range of outdoor sporting activities, golf facilities and water sports, with high class restaurants, bars and shops, has always been a huge pull for Northern Europeans to Spain, along with the relaxed way of life, warm year round climate and the beautiful Mediterranean Sea,’ he added.

Spanish property market has held steady at 13% from 15% in the last couple of years. 3

FactBox

 

Pollentia Mar on the popular island of Mallorca is located in the seaside town of Puerto Pollenca, and is just 50 meters from the beach and the famous Voramar promenade. Mallorca and its north coast have a variety of very good golf courses and almost every view from the area incorporates the spectacular view of the Sierra Tramontana mountain range or the beautiful bay of Pollença. Pollença is just 35 minutes from Palma de Mallorca.

Spanish property market has held steady at 13% from 15% in the last couple of years. 4

There are only a handful of 2 bedroom apartments remaining at the reduced price of €215,000 (previously at €440,000).

 

PropertyWire
Confidential
January 2011